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CHICAGO – Newcastle Limited* and CB Richard Ellis represented Culligan International in the sale of its 40-acre headquarters in unincorporated Cook County to Chicago-based real estate developer GlenStar Properties LLC.The property is located in a prime north-suburban location at the intersection of Willow Road and I-294. It is bordered by Glenview on the north and south, Northbrook on the east and Wheeling on the west. Prospect Heights is located southwest of the Property.GlenStar’s $500-million mixed-use redevelopment plan includes condominiums, shops, restaurants, office space and a hotel. The developer also is planning to construct a pond with walking pathways and is seeking retailers to accommodate resident needs.Culligan plans to lease 80,000 square feet at the Riverway Center complex in west-suburban Rosemont for its headquarters and distribution facility.“This site’s excellent access, coveted location and high visibility provides for over 1.8 million square feet of prime mixed-use development”, said Haney, who in 2002 represented Baxter Healthcare Corporation in the sale of 70-acres of land adjacent to its world headquarters along I-294 in only 45 days.Newcastle represented DePaul University in the sale of its Barat College campus in Lake Forest, Loyola University in the lease of a development site on its Water Tower Campus and in efforts to establish the new Devon/Sheridan TIF District in Chicago’s Rogers Park community.
About Newcastle Limited
Chicago-based Newcastle Limited provides real estate advisory and development services to institutions, corporations and investors. Newcastle helps clients maximize investment returns and reduce project risk. More information is available at www.newcastleinvestors.com.